DCN and NTM will merge in the form of share exchange, and DCN will acquire 100% of THE shares of NTMM.
Shareholders of NTM will be exchanged for one share of DCN for every 2.7 shares of NTM, and the option of NTM will also be exchanged for the option of DCN at a ratio of 2.7.
After the share consolidation, the existing shareholders of DCN will be 68.4% after the merger of the group, and the corresponding proportion of NTM's existing shareholders will be 31.6%;
NTM's board of directors and NTM's two largest shareholders, who together have 32.9% of the voting rights, agreed to support the merger without a better proposal.
(Redcliffe Gold Mine Project Distribution location)
Leigh Junk, managing director of Darchi An Gold Mine comments: 'This merger will extend our mining life, increasing the flexibility of our Mt Morgans operations by finding new resources.
For DCN, the merger is logical, acquiring and unlocking the gold resources within the transportation range of the large processing facilities to ensure that the amount of resources and reserves that may be found in the future can be quickly put into production.
"The combination with NTM gives the company access to a number of exploration targets, which have the potential to provide the company with high-margin, low-cost development opportunities and the ability to continue to expand its production scale by seeking new, higher-grade deposits."
This merger is consistent with the company's corporate strategy to achieve open-pit mine production and growth through organic exploration, development and regional consolidation centered on the concentrator:
The strategic shallow high grade mineral resources of Redcliffe Gold project are integrated, including the high grade mineral resources of 89,000 tons 49g/ton and 141,000 ounces of gold metal, which are located in the company's overall resource of 13.4 million tons 1557 grams/ton and 679,000 ounces of gold metal.
The Redcliffe Gold project is located within 100km of the Mt Morgans gold production centre in Dacian.
NTM gold rose an estimated 42% to A $0.125, giving it a market value of A $60 million.
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